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CtW Investment Group Welcomes SEC Action Against BAC
Calls On Board to Remove Culpable Management and Claw Back Merrill Bonuses
WASHINGTON, Aug. 3 /PRNewswire/ -- Following today's announced SEC lawsuit against Bank of America (NYSE: BAC), the CtW Investment Group called on the BofA Board of Directors to replace Ken Lewis -- who bears ultimate responsibility for the disclosure failure -- with a CEO who will restore investor and regulatory confidence and claw back the $3.6 billion in premature bonuses surreptitiously paid to Merrill Lynch executives. CtW had called on the SEC to investigate this matter in a letter sent March 13, 2009 to Division of Enforcement Director Robert Khuzami and is heartened to see a re-invigorated SEC take action.
BofA's failure to disclose the Merrill bonuses led CtW to oppose the election of Chairman and CEO Ken Lewis and two other directors at the bank's April 2009 annual meeting, at which shareholders stripped Ken Lewis of his chairmanship. While the board has since taken meaningful steps to reconstitute itself, today's announced lawsuit underscores the need for the board to finish the job by naming a new CEO and recouping the Merrill bonuses.
** Note: For additional information and copies of letters sent by the CtW Investment Group, please visit: www.ctwinvestmentgroup.com. **
SOURCE CtW Investment Group
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